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The Latest Breaking News from Economy

ADB warns China it risks wasting money on state-led growth

China needs to level the playing field between private and state owned firms, the Asian Development Bank's chief economist said on Thursday, adding that the world's second-largest economy risks "wasting a tonne of money" with a state-led growth model.

Reuters

Japanese firms to invest £18bn in UK in ‘massive’ post-Brexit economy boost

Rishi Sunak said in Tokyo the pledges are a ‘massive vote of confidence’ in the British economy

The Independent UK

Home repossessions are up 50%. Should we be worried?

City Comment: It’s not the Nineties again, but repossessions tell us a lot about the level of serious debt pain in the economy

Evening Standard

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Putin clashes with own finance minister over damage done to Russian economy by oil sanctions

Putin appears to downplay Anton Siluanov’s concerns by saying the situation is ‘absolutely stable’

The Independent UK

Myanmar arms imports total $1bn since coup

UNITED NATIONS: The economy of Myanmar is in free-fall but its military has imported $1 billion worth of weapons since seizing power in a 2021 coup and used them “to commit atrocities", a new United Nations report says.

Bangkok Post

The True Cost of an Extended US Debt-Ceiling Standoff

Recurring struggles over the borrowing limit undermine the status of the US as an economic superpower.

Businessweek

Record numbers of British workers are sick. No wonder the economy is too. But there is a cure

The Tories have failed to pursue the obvious answers to this crisis, punishing ill people and NHS strikers instead, says Guardian economics editor Larry Elliott

The Guardian - UK

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Dumfries coworking hard could be replicated across Scotland

Crichton Central opened in the aftermath of Covid-19 lockdowns, with the space available for both tenants on the estate and others

Daily Record

G7 weighs new sanctions on Russia to end Ukraine war

Existing sanctions are some of the toughest ever imposed on a major economy, but there is still room to tighten.

Al Jazeera

Tourism to limit economic pain as new government awaited

Thailand has not been spared the political uncertainty that usually comes with elections, yet foreign tourists returning by the millions this year are counted on to help shield Southeast Asia’s second-largest economy.

Bangkok Post

The Australian economy lost 27,100 full-time jobs in April as unemployment rose to 3.7%

UBS economist says jobs report ‘weaker than expected’ and makes an RBA rate hike in June ‘unlikely’

The Guardian - AU

New govt faces 4 economic time bombs

The election result is already out and Thailand is heading for a big policy change. As the party with most seats, the Move Forward Party will form the government. The second place-getter -- the Pheu Thai Party -- has agreed to be in the coalition. These two parties, however, have…

Bangkok Post

Rishi Sunak’s upbeat view on economy stokes claims he is out of touch

On flight to Japan for G7, PM says ‘economic optimism is increasing’ and insists Brexit is working

The Guardian - UK

Biden's Experience Doesn't Mean He Can Plan an Economy

No amount of experience can solve the "knowledge problem."

Reason

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Chicago Sun-Times

Johnson administration distances itself from $12 billion tax plan co-written by member of transition team

The plan by the Action Center on Race & the Economy and the People’s Unity Platform “has nothing to do with what we’re trying to do,” said Jason Lee, a senior adviser to Mayor Brandon Johnson. The mayor’s approach, Lee said, involves “sober analysis of what might be feasible.”

Evening Standard

Brexit working by making beer cheaper, claims Rishi Sunak

Prime Minister insists economy ‘moving in right direction’ after criticism from Tory right

The National (Scotland)

'A positive start': First meeting of new Scottish Government business group

A Scottish Government meeting attempting to deepen links with Scotland’s private sector has been labelled “a positive start”...

Fortune

Larry Summers says the debt limit fight could shave $6 trillion from U.S. markets

Summers says the current debt limit debate has many similarities with the 2011 standoff that dealt a major blow to markets.

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Wales Online

Welsh Government gives go-ahead to Green Man to press on with plans for Gilestone Farm

Economy minister Vaughan Gething

The Guardian - UK

Rishi Sunak cites cheap beer and sanitary products as benefits of Brexit

On his way to the G7 summit, the prime minster insists household income is ‘outperforming’ expectations

The Independent UK

Biden says he’s ‘confident’ US won’t default on debt

‘America will not default,’ President Biden says

The Guardian - AU

Darwin’s ‘sustainable’ Middle Arm development is key to huge fossil fuel projects, documents show

Exclusive: Middle Arm has been sold as ‘sustainable’ but papers reveal the Albanese government was briefed on the project’s links to new fossil fuel developments, including fracking in the Beetaloo basin

The Independent UK

5 tips to tackle a home remodel in an uncertain economy

Homeowners may be reconsidering their remodeling plans this year because of the economy’s recent turbulence, but planning and prioritizing can help you accomplish projects with confidence

Evening Standard

OPINION - The Standard View: The Government must axe the tourist tax harming London

Ministers often stress that they are here to listen to business. A good place to start would be to axe the tourist tax on foreign shoppers before yet further damage is done to the capital’s global reputation — and economy.

Daily Mirror

Elon Musk says US and China tensions over Taiwan control should be 'concern for everyone'

The Twitter CEO described the Chinese economy and global economy like 'conjoined twins' as he warned of the potential catastrophic impact of a Chinese invasion of Taiwan

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